San Diego CA— A fund sponsored by CBRE Global Investors has closed on a $40.3 million mortgage loan to finance the acquisition and renovation of Villa Del Sol, a 203-unit multifamily complex located in San Diego. The floating-rate loan has an initial term of three years and can extend up to two additional years.
Located at 5474 Reservoir Drive, Villa Del Sol features a mix of studio, one- and two-bedroom apartments. Resident amenities include a tennis court, two resort-style pools with a cabana area, outdoor barbeques, a clubhouse, a state-of-the-art fitness center and saunas. The new owner plans to make both interior and exterior renovations, including installing new windows and updating the landscaping, elevators, flooring, appliances, cabinets, lighting fixtures, backsplashes and countertops.
“The Villa Del Sol apartments have been well occupied historically and we believe that with the upgrades the sponsor is planning to make, demand for the apartments will continue to strengthen,” said Christian Fuqua, Managing Director of CBRE Global Investors.
Villa Del Sol is located just off the Kumeyaay Highway, adjacent to Alvarado Medical Center and close to the city’s light rail system, which connects directly to downtown and is only one stop away from San Diego State University. It is a 15-minute drive to downtown San Diego, 20 minutes from San Diego International Airport and close to various dining and entertainment options.